Oil prices stabilized following the biggest drop recorded this month, as traders await key industry reports expected this week to gauge the scale of a potential oversupply.

Oil prices rose after OPEC+ confirmed it will maintain its plan to pause production increases during the first quarter, while traders assessed the impact of President Donald Trump’s comments regarding Venezuela.

Oil headed for a fourth monthly loss, as traders looked ahead to an OPEC+ meeting this weekend and assessed how a potential Ukraine peace deal may affect an already oversupplied market.